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Posted on Aug 25, 2024

Week 11: Journal Entries To get you started in your new role, Mr. Smith has asked you to prepare the necessary journal entries (JEs) for

Week 11: Journal Entries

To get you started in your new role, Mr. Smith has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used.

Summit LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, n/30, unless otherwise stated.

May

Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.)

Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).

Issued a $175 credit memorandum to Knox Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725.

Received a $798 credit memorandum from Peyton Products for the return of merchandise purchased on April 29.

Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM.

Received payment from Knox Co. for the balance from the April 28 sale less the May 2 return and the discount.

Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount.

Sold store supplies to the merchant next door at their cost of $350 cash.

Purchased $4,074 of office equipment on credit from Gear Supply Co., invoice dated May 10, terms n/10 EOM.

Received payment from Hensel Company for the May 2 sale less the discount.

Purchased $8,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 2/10, n/30.

Received an $854 credit memorandum from Gear Supply Co. for the return of defective office equipment received on May 10.

Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)

Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is $1,890).

Purchased $13,650 of merchandise from Fink Corp., invoice dated May 14, terms 2/10, n/60.

Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.

Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60.

Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.

Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM.

Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 2/10, n/30.

Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230).

Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.

The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash from the business for personal use.

Received payment from Lee Services for the May 22 sale less the discount.

Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

Cash sales for the last half of the month are $66,052 (cost is $42,500).

Week 12: Trial Balance, Adjustments, Closing Entries

Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary.

1. Expired insurance, $553.

2. Ending store supplies inventory, $2,632.

3. Ending office supplies inventory, $504.

4. Depreciation of store equipment, $567.

5.Depreciation of office equipment, $329.

Week 13: Financial Statement

Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners equity, and classified balance sheet. You should use the information completed in prior weeks.

Prepare the income statement, where net income will be carried through to the statement of owners equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners equity balance.

Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner's equity, and a May 31, (xxxx), classified balance sheet.

Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.

Week 11: Journal Entries Complete this assignment using the Excel workbook provided, and submit your work by Week 12. To get you started in your new role, Mr. Smith has asked you to prepare the necessary journal entries (JES) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used. Summit LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, 1/30, unless otherwise stated. May lued Check No. 3410 to S&P Management Co. in pay the Mayen, $3,710, (Use two lines to record the transaction Charge of the sent to Reme Expense- Selling Space and the balance to Rent Expense-Ole Space 2 Sold merchandise on credit to Hensel Company. Invice No 5. for $6.100 costis $4,100). 2 Iwed a 17 credit memorandura to Knox Ce for defective (worth) merchandise sold on April 28 and retumed for credit. The total scling peace grow) was 54,725. 3 Received a $798 credit memorandum from Peyton for the turn of merchandise purchased on April 29. 4 Purchased the following on credit from Gear Supply Co-merchandise. 537,072.store supplies, $574, and office supplies, $83. lavice duted My terms O BOM. 5 Received payment fra Kinox Cefer the balance from the perille less the May retum and the discount 8 Iced Check No 3411 to Peyton Products to pay for the 5798 merchandise purchased on April 29 less the May 3 retum and a discount 9 Seldte upplies to the merchant est docetthet of $350 cash 1Purchased 54,074 of office equipment en credit from Gear Supply Co. invoice dated May 10, terms /10 EOM II Received payment from Hensel Company for the May2 sale less the discount 11 Purchased $8.800 of merchandise from Garcia, Inc. imidated May 10 terms 210 12 Received an SS4 crodis memorandum from Gear Supply Co. for the retum of defective office cquipment received on May 10 15 Issued Check No 3412 paleo Parol, in pomen of sales salaries 55.32, and office salaries, 21, Cashed the check and paid the employees ISCash sales for the first half of the meeth are 559.220fost is $38.300). (Cash sales are recorded daily but are corded only twice beroepen tries) 16Seld merchandise on credit to His Company. Ice No 875, for 3.990 (costis $1,890) 17 Purchased $13,650 of merchandise from Fink Corp. nice dated May 16,tems 210 19saed Check No. 3413 to Garcia, Inc., in payment is May 10 moice less the discount 22Sold merchandise to Lee Services, Invoice No.8787. fer 56859 foot is 54.990).toms 2/10,60 23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount 24 Purchased the following on credit from Gear Supply Cemerchandise 88.120 store supplies 5630 and office supplies 5280 Invoice dined May 2. terms 10 EOM 25 Purchased $3,080 of merchandise from Peyton Products, midated May 23, sem 2/10,30 26Sold merchandise on credit to Crane Corp, Invoice No 8788, for $14.210 costis 58.230) 26 Issued Check No. 3415 to Perennial Power in payment of the Maclectric bill. S1.2x3. 29 The owner of Colo Company, Jenay Coloured Check No.3416 to withdraw 57.000 cash from the business for personals 30 Received payment from Lee Services for the May 22 sale less the discount 30 Issued Check No. 3417. payable to Payroll in pesment of sales salaries, 35.32 and office salaries, ISO Caled the check and the employees 31 Cash sales for the last half of the month are 566,052 (cost is 56.300) To get you started in your new role, Mr. Smith has asked you to prepare the necessary journal entries (JES) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used Summit LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, 1/30, unless otherwise stated. May 1 Issued Check No. 3410 to S&P Management Coin payment of the May rent, 53,710 (Use two lines to record the transaction. Change 80% of the rent to Rent Expense Selling Space and the balance to Rent Expense-Office Space) 2 Sold merchandise on credit to Hensel Company. Invoice No. 8785, for $6,100 cost is 54,100). 2 Issued a $175 credit memorandum to Knox Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was 54.725 3 Received a $798 credit memorandum from Peyton Products for the retum of merchandise purchased on April 29 4 Purchased the following on credit from Gear Supply Co: merchandise. 537.072: store supplies S574, and office supplies, $83. Invoice dated May 4. terms 10 EOM. 5 Received payment from Knox Co. for the balance from the April 28 sale less the May 2 return and the discount 8 Issued Check No. 3411 to Peyton Products to pay for the 57.998 of merchandise purchased on April 29 less the May 3 rum and a 2% discount 9 Sold store supplies to the merchant next door at their cost of $350 cash. 10 Purchased 54,074 of office equipment en credit from Gear Supply Co, invoice dated May 10, termin 10 EOM 11 Received payment from Hensel Company for the May 2 sale less the discount 11 Purchased $8,800 of merchandise from Garcia Ine, invoice dated May 10, terms 2/10, 12 Received an $854 credit memorandum from Gear Supply Co for the retum of defective office equipment received on May 10. 15 Issued Check No. 3412. payable to Payroll in payment of sales salaries. 55.320, and office salaries, 53,150 Cashed the check and paid the employees 1S Cash sales for the first half of the month are 559 220 cost is $38.200).(Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.) 16 Sold merchandise on credit to Hensel Company, Invoice No.8786, for $3,990 (cost is $1,890). 17 Purchased $13.680 of merchandise from Pink Coep. invoice dated May 14, terms 2/10, 160 19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount 22 Sold merchandise to Lee Services, Invoice No. 8787, for $6.850 (cost is $4.990), tems 2/10, 160 23 Issued Check No. 3414 to Fink Corp, in payment of its May 14 invoice less the discount 24 Purchased the following on credit from Gear Supply Co: merchandise 88.120: store supplies, 5630; and office supplies, $280. Invece dated May 24tems w/10 EOM. 25 Purchased 53,080 of merchandise from Peyton Products, invoice dated May 23, terms 2/10, 1/30 26 Sold merchandise on credit to Crane Corp. Invoice No. 8788, for $14.210 (cost is 58.230) 26 Issued Check No 3415 to Perennial Power in payment of the May electric bill. 51.283. 29 The owner of Colo Company, Jenny Cole, used Check No. 3416 to withdraw $7.000 cash from the business for personal use. 30 Received payment from Lee Services for the May 22 sale less the discount 30 Issued Check No. 3417. payable to Payroll in payment of sales salaries. 85.320, and office salaries, S. 150 Cashed the chick and paid the employees 31 Cash sales for the last half of the month are 566,052 (cost is $42.500) Week 11: Journal Entries Complete this assignment using the Excel workbook provided, and submit your work by Week 12. To get you started in your new role, Mr. Smith has asked you to prepare the necessary journal entries (JES) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used. Summit LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, 1/30, unless otherwise stated. May lued Check No. 3410 to S&P Management Co. in pay the Mayen, $3,710, (Use two lines to record the transaction Charge of the sent to Reme Expense- Selling Space and the balance to Rent Expense-Ole Space 2 Sold merchandise on credit to Hensel Company. Invice No 5. for $6.100 costis $4,100). 2 Iwed a 17 credit memorandura to Knox Ce for defective (worth) merchandise sold on April 28 and retumed for credit. The total scling peace grow) was 54,725. 3 Received a $798 credit memorandum from Peyton for the turn of merchandise purchased on April 29. 4 Purchased the following on credit from Gear Supply Co-merchandise. 537,072.store supplies, $574, and office supplies, $83. lavice duted My terms O BOM. 5 Received payment fra Kinox Cefer the balance from the perille less the May retum and the discount 8 Iced Check No 3411 to Peyton Products to pay for the 5798 merchandise purchased on April 29 less the May 3 retum and a discount 9 Seldte upplies to the merchant est docetthet of $350 cash 1Purchased 54,074 of office equipment en credit from Gear Supply Co. invoice dated May 10, terms /10 EOM II Received payment from Hensel Company for the May2 sale less the discount 11 Purchased $8.800 of merchandise from Garcia, Inc. imidated May 10 terms 210 12 Received an SS4 crodis memorandum from Gear Supply Co. for the retum of defective office cquipment received on May 10 15 Issued Check No 3412 paleo Parol, in pomen of sales salaries 55.32, and office salaries, 21, Cashed the check and paid the employees ISCash sales for the first half of the meeth are 559.220fost is $38.300). (Cash sales are recorded daily but are corded only twice beroepen tries) 16Seld merchandise on credit to His Company. Ice No 875, for 3.990 (costis $1,890) 17 Purchased $13,650 of merchandise from Fink Corp. nice dated May 16,tems 210 19saed Check No. 3413 to Garcia, Inc., in payment is May 10 moice less the discount 22Sold merchandise to Lee Services, Invoice No.8787. fer 56859 foot is 54.990).toms 2/10,60 23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount 24 Purchased the following on credit from Gear Supply Cemerchandise 88.120 store supplies 5630 and office supplies 5280 Invoice dined May 2. terms 10 EOM 25 Purchased $3,080 of merchandise from Peyton Products, midated May 23, sem 2/10,30 26Sold merchandise on credit to Crane Corp, Invoice No 8788, for $14.210 costis 58.230) 26 Issued Check No. 3415 to Perennial Power in payment of the Maclectric bill. S1.2x3. 29 The owner of Colo Company, Jenay Coloured Check No.3416 to withdraw 57.000 cash from the business for personals 30 Received payment from Lee Services for the May 22 sale less the discount 30 Issued Check No. 3417. payable to Payroll in pesment of sales salaries, 35.32 and office salaries, ISO Caled the check and the employees 31 Cash sales for the last half of the month are 566,052 (cost is 56.300) To get you started in your new role, Mr. Smith has asked you to prepare the necessary journal entries (JES) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used Summit LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, 1/30, unless otherwise stated. May 1 Issued Check No. 3410 to S&P Management Coin payment of the May rent, 53,710 (Use two lines to record the transaction. Change 80% of the rent to Rent Expense Selling Space and the balance to Rent Expense-Office Space) 2 Sold merchandise on credit to Hensel Company. Invoice No. 8785, for $6,100 cost is 54,100). 2 Issued a $175 credit memorandum to Knox Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was 54.725 3 Received a $798 credit memorandum from Peyton Products for the retum of merchandise purchased on April 29 4 Purchased the following on credit from Gear Supply Co: merchandise. 537.072: store supplies S574, and office supplies, $83. Invoice dated May 4. terms 10 EOM. 5 Received payment from Knox Co. for the balance from the April 28 sale less the May 2 return and the discount 8 Issued Check No. 3411 to Peyton Products to pay for the 57.998 of merchandise purchased on April 29 less the May 3 rum and a 2% discount 9 Sold store supplies to the merchant next door at their cost of $350 cash. 10 Purchased 54,074 of office equipment en credit from Gear Supply Co, invoice dated May 10, termin 10 EOM 11 Received payment from Hensel Company for the May 2 sale less the discount 11 Purchased $8,800 of merchandise from Garcia Ine, invoice dated May 10, terms 2/10, 12 Received an $854 credit memorandum from Gear Supply Co for the retum of defective office equipment received on May 10. 15 Issued Check No. 3412. payable to Payroll in payment of sales salaries. 55.320, and office salaries, 53,150 Cashed the check and paid the employees 1S Cash sales for the first half of the month are 559 220 cost is $38.200).(Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.) 16 Sold merchandise on credit to Hensel Company, Invoice No.8786, for $3,990 (cost is $1,890). 17 Purchased $13.680 of merchandise from Pink Coep. invoice dated May 14, terms 2/10, 160 19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount 22 Sold merchandise to Lee Services, Invoice No. 8787, for $6.850 (cost is $4.990), tems 2/10, 160 23 Issued Check No. 3414 to Fink Corp, in payment of its May 14 invoice less the discount 24 Purchased the following on credit from Gear Supply Co: merchandise 88.120: store supplies, 5630; and office supplies, $280. Invece dated May 24tems w/10 EOM. 25 Purchased 53,080 of merchandise from Peyton Products, invoice dated May 23, terms 2/10, 1/30 26 Sold merchandise on credit to Crane Corp. Invoice No. 8788, for $14.210 (cost is 58.230) 26 Issued Check No 3415 to Perennial Power in payment of the May electric bill. 51.283. 29 The owner of Colo Company, Jenny Cole, used Check No. 3416 to withdraw $7.000 cash from the business for personal use. 30 Received payment from Lee Services for the May 22 sale less the discount 30 Issued Check No. 3417. payable to Payroll in payment of sales salaries. 85.320, and office salaries, S. 150 Cashed the chick and paid the employees 31 Cash sales for the last half of the month are 566,052 (cost is $42.500)